Run up to 2020: How Dubai is evolving
The general perception among travelers and tourists about Dubai is that it is always undergoing some sort of change on any given day of the year. To think about it, this belief does carry some weight. The most common sight in Dubai nowadays is that of high rise buildings and heavy construction machinery as the emirate expands its real estate portfolio to attract more businesses. Yet again the real estate market of Dubai is expected to see a rise in business activities come Expo 2020.
Read on for a sneak peek into the probable future of Dubai when the mega event Expo 2020 kicks off.
City of the Future
Dubai is set on the road to become the ‘smartest’ city in the world after the officials concerned announced to build a ‘future city’ in the emirate at the expected cost of $20 billion. The project, named Jumeirah Central, announced by Dubai government will show a completely different side of urban planning and infrastructure development ever undertaken in the city and the world.
Government-owned Dubai Holding last year announced plans of building Jumeirah Central that will span over 47 million square feet and provide accommodation to more than 35, 000 residents. The district will have its own multi-modal transport network that will include aerial gondolas, more than 1 million sq ft of climate-controlled arcades and a cycling network that will connect through 33 parks and open-air spaces. In addition, the district will have a total of 25 points of access for cars, while it will also contain schools, offices and parking for 44,000 cars.
Waterfront Properties in Demand before Expo 2020
As far as waterfront developments are concerned, construction activities are moving ahead full steam to deliver exceptional coastline properties along Dubai Water Canal Project that has an estimated cost of AED 2bn.
Other waterfront projects in Dubai include Jumeirah Bay Island and Blue Waters. Jumeirah Bay Island comes with the added feature of offering extraordinary view of the port city’s exciting skyline. Meanwhile, Blue Waters plans to build a 210-metre high Ferris wheel that will provide mimic the famous London Eye and will be the biggest of its kind in the world.
Also, Nakheel is pushing forward with its Deira Islands project with full force. The four man-made islands will consist of 12 million sq ft of food retail, residential, and leisure development, namely Deira Islands Mall, Towers, and Boulevard that will have the capacity to accommodate 10,000 people.
Dubai’s Green Revolution
Developers in Dubai are finally warming up to the idea of providing ample space to nature in their residential and luxury projects to enhance the quality of life for residents. Damac’s Akoya Oxygen development has adopted the green construction revolution by launching the first green luxury residential address that boasts of energy-efficient homes cuddled in the lap of vast green fields and trees situated in the middle of an 18-hole golf course.
The project has been developed for the purpose of reducing the carbon footprint on the environment, provide clean air and keep temperatures cooler during hot Emirati summer. To add more value to the development, Akoya Oxygen will feature its own rainforest that will contain teak, mahogany, rosewood, and other trees with tropical fruits, nuts, rubber, and rattan.
In the coming years Dubai will also witness the launch of new neighbourhoods such as Mohammed Bin Rashid City, Dubai Creek Harbour and Dubai Creek Residences. These developments are expected to further enhance Dubai’s image as an ideal future city.
For Dubai, going green does not mean that it will shelve its tradition of providing luxury living options to buyers. Some high-end projects that will be launched in Dubai in anticipation of Expo 2020 include branded residences in the shape of Versace, Bulgari, and Fendi branded residences that will merge sustainability with luxurious living. Moreover, Trump PRVT will also receive residential units worth AED 6.5 billion that will include personal swimming pools, spacious balconies, personalized golf buggy, and other amenities of life associated with high-end living.
Dubai’s journey towards Expo 2020 will be based on the concepts of sustainability, green environment, luxurious waterfront properties, and high-end branded residences. Nevertheless, the renting culture is also expected to increase as a large number of visitors fly to Dubai in the coming years. According to UAE online property portal Bayut.com, rental yields can hit the 8 per cent to 10 per cent mark in select apartment categories.
This and similar other initiatives is gradually defining how Dubai would ultimately look like in the future. Investing in Dubai’s real estate market at the time when the countdown to Expo 2020 has begun is a sure-shot path towards instant profits.